3. Extension of the requirements for the element "Results of request of a contract (account or equivalent) holder who is an individual with attributes of connection to a foreign state offering ‘citizenship/residence by investment' programmes".
The list of jurisdictions that offer "citizenship/residence by investment programmes" has been extended to include Turkey.
The new code "05" for this element may be used if a customer has confirmed that citizenship/tax residence of a state (territory) was obtained through a "citizenship/residence by investment" programme and that he is not a tax resident of any other foreign state (territory). This change addresses a scenario that was not covered in the previous version of the format and facilitates accurate reporting of the circumstances of an FMO’s customers.
Customers with "citizenship/residence by investment" programmes must undergo certain verification procedures with an FMO.4. Foreign tax numbers (TIN): new controls and checks
The FTS has made a number of changes affecting the reporting of information regarding foreign tax numbers:
- it has updated the list of codes denoting the reason for not submitting the foreign tax identification number of a contract (account or equivalent) holder who is an individual (ReasonCodeInd) by adding the new code "07"
- it has added the new element "State (territory) of tax residence for which TIN information is provided" (ResCountryCodeRepeat). This element is intended for verification of the jurisdiction indicated as having issued the TIN.
The TIN is to be entered for each state of tax residence indicated in the ResCountryCode element (other than tax residence of Russia or where a person is not a tax resident of any state). In the absence of a TIN, however, the "Foreign identification document" (DUL) element is mandatory for all accounts other than a dormant or undocumented account (DormantAccount and UndocumentedAccount). And a check is made on each individual TIN value.
This once again underlines the special attention paid by the FTS to the correct submission of TINs and relevant data, which requires additional work on the part of FMOs.5. Additional requirementsFormat 5.06 introduces additional requirements for FMOs with respect to certain elements:(1)
"Transliteration Type" (TranslitType) (An individual’s name in Latin script) is now mandatory for new agreements for the 2022 reporting period.(2)
A clarification has been added for the element "Payments/receipts on contract (account or equivalent)" (Payment) — it is mandatory if payments/receipts occurred on a contract (account).(3)
The element "Type of contract (account or equivalent)" (AcctContractType) has become mandatory. This means that, to be included in reports, all accounts must be classified and the appropriate contract (account) type code must be entered.